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Pharmaceutical groups were among the biggest climbers in the FTSE 100 on Wednesday morning, extending their gains after Donald Trump’s promise to reduce barriers to selling new medicines prompted a rally yesterday afternoon.

Generic drugs specialist Hikma Pharmaceuticals was jousting with BT for the FTSE 100′s top slot in early trading, with shares up 2.8 per cent at publication time to £18.76.

Astrazeneca and Shire were also near the top of the index, with shares in both rising 2.2 per cent.

Shares in pharma groups initially dropped on Tuesday afternoon as the new president repeated calls for lower drug prices, but ended the day in positive territory after he specified that his administration would encourage price cuts by cutting the length of time required to win regulatory approval for new medicines.

Copyright The Financial Times Limited 2017. All rights reserved.

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